Economy
House of Reps Recovers Fresh N11.49bn from Seplat, Aradel, Four Others
By Dipo Olowookere
An additional N11.49 billion has been recovered by the House of Representatives Committee on Public Accounts from some oil companies operating in Nigeria.
A statement signed by the spokesman of the lower chamber of the National Assembly, Mr Akin Rotimi, said the total amount recovered from these energy firms is now N61.5 billion.
He stated that the recovered funds were from oil and gas companies with outstanding obligations to the federal government.
It was revealed that $182,057.44 (N291.29 million) was recovered from Platform Petroleum Limited, $730,889.37 (N1.17 billion) was from Midwestern Oil and Gas, N1.58 billion from Seplat Energy, $3.9 million (N6.1 billion) from Aradel Holdings, $500,000 (N775 million)
From Network Exploration & Production, and $1 million (N1.55 billion) from Shoreline Resources Limited.
According to the statement, the committee’s intensified efforts are anchored on findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
These have informed sustained engagements with oil firms to ensure accountability for unremitted funds and outstanding liabilities.
The legislative arm of government also warned some organisations ignoring invitations to desist from such.
It said these defaulting firms collectively owe over $384 million and N325.7 million to the federal government, listing them as Neconde Energy Ltd – $110.5 million and N325.7 million, Heirs Holdings – $137.7 million, AITEO Ltd – $34.8 million, Continental Oil & Gas Ltd – $31 million, General Hydrocarbon – $28.4 million, Energia Ltd – $19.5 million, Waltersmith OML 16 – $8.7 million, Bilton – $5 million, Pillar Oil Ltd – $4.6 million, Millennium Oil and Gas Ltd – $2.067 million, Conoil Producing Ltd – $1.1 million, and Frontier OML 13 – $952,216.51.
“This Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people.
“These companies are withholding billions of Naira owed to the federal government, and we will not allow them to disregard the authority of parliament.
“If these companies believe they are too big to be held accountable, they must understand that their licenses are at risk.
“We are prepared to recommend immediate revocation for any company that shows contempt for this Committee and the laws of the nation,” the chairman of the panel, Mr Bamidele Salam, fumed.
“No company is above the law. The funds being withheld are critical to the country’s growth and must not be hoarded while Nigeria suffers. Every company operating in Nigeria must settle its obligations promptly, as required by law,” he declared.
By Dipo Olowookere
The continued strong appetite for local stocks further strengthened the Nigerian Exchange (NGX) Limited by 0.44 per cent on Monday.
The domestic bourse remained in green territory yesterday despite a weakened activity level, which saw the trading volume and value down 24.31 per cent and 6.62 per cent, respectively, while the number of deals increased by 34.23 per cent.
According to trading data from Customs Street, investors transacted 984.0 million shares worth N50.8 billion in 76,410 deals on the first trading day of this week compared with the 1.3 billion shares valued at N54.4 billion traded in 56,923 deals last Friday.
Access Holdings returned to the top of the activity log with 91.7 million equities sold for N3.0 billion, First Holdco exchanged 70.2 million stocks worth N4.8 billion, Zenith Bank traded 54.9 million shares valued at N7.0 billion, Lasaco Assurance transacted 53.8 million equities worth N107.5 million, and UBA recorded a turnover of 52.6 million stocks valued at N2.7 billion.
Business Post reports that investor sentiment was weak on Monday despite the positive outcome, as there were 27 appreciating stocks and 46 depreciating stocks, implying a negative market breadth index.
Bargain-hunting in NAHCO, which went up by 10.00 per cent to N242.00, and others ensured that the NGX remained in green territory. Union Dicon also gained 10.00 per cent to trade at N18.15, Fidelity Bank improved by 9.98 per cent to N22.05, Trans-Nationwide Express expanded by 9.92 per cent to N6.65, and Access Holdings rose by 9.87 per cent to N32.85.
On the flip side, Living Trust Mortgage Bank lost 10.00 per cent to quote at N3.69, Stanbic IBTC also declined by 10.00 per cent to finish at N169.70, Transcorp Power gave up 9.97 per cent to close at N272.70, Abbey Mortgage Bank crashed by 9.88 per cent to N7.30, and Guinea Insurance dropped 8.80 per cent to settle at N1.14.
It was observed that all the major sectors of the market were bullish yesterday, with the banking index growing by 2.56 per cent. The energy space appreciated by 0.75 per cent, the consumer goods counter improved by 0.38 per cent, and the industrial goods sector gained 0.35 per cent, while the insurance segment closed flat.
At the close of business, the market capitalisation went up by N609 billion to N140.436 trillion from N139.827 trillion, and the market capitalisation soared by 946.27 points to 218,113.84 points from 217,167.57 points.
By Adedapo Adesanya
The oil market soared around 6 per cent in Monday trading on uncertainty over peace talks between the United States and Iran after violence flared around the Strait of Hormuz.
Brent crude futures went up by $5.10 or 5.64 per cent to $95.48 per barrel, while the US West Texas Intermediate (WTI) crude futures advanced by $5.76 or 6.87 per cent to $89.61 per barrel.
The latest round of escalations in the Middle East pushed prices up, renewing fears of a drastic global energy shock, following a weekend of tensions, where shipping in the Strait of Hormuz has once again ground to a halt after a brief opening on Friday.
More than 20 ships passed through the strait on Saturday, carrying oil, liquefied petroleum gas, metals and fertilisers, which was the highest number of vessels crossing the waterway since March 1.
However, the new regime in Iran has warned that the latest closure will remain in place until the US blockade is lifted.
Over the weekend, the US seized an Iranian cargo ship that tried to break through its blockade while Iran said it would retaliate, heightening fears of a resumption in hostilities.
Iran has warned that it cannot guarantee safe passage through the Strait of Hormuz if its oil exports continue to be restricted, saying that security for shipping in the waterway cannot be separated from pressure on its own crude flows.
Prior to that, Iran said that passage for all commercial vessels through the Strait of Hormuz was open for the remainder of a ceasefire announced earlier. Shipping traffic through the Strait of Hormuz typically handles roughly one-fifth of the world’s oil and liquefied gas supply.
The renewed pressure also comes as Iran-aligned Houthis have threatened to target the Bab el-Mandeb Strait, raising concerns about additional risks to alternative export routes for Middle East crude.
With the two-week ceasefire set to expire later this week, the renewed hostilities cast doubts over prospects for a second round of talks between the US and Iran in Pakistan.
Meanwhile, US President Donald Trump said he was sending a new delegation to Pakistan for peace talks, which follows a previous 21-hour stint led by Vice President JD Vance, failing to broker an agreement. Reuters reported on Monday that Iran is considering attending the peace talks.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange increased by 0.59 per cent in Trading Week 16 of 2026, with the market capitalisation adding N13.58 billion to settle at N2.329 trillion compared with the previous week’s N2.315 trillion, and the NASD Unlisted Securities Index (NSI) up by 22.70 points to 3,893.15 points from 3,870.45 points in week 15.
Over the course of five trading sessions of the week, the total volume of stocks transacted by market participants went down by 50.2 per cent to 3.87 million units from 7.77 million units, but the value increased by 20.9 per cent to N150.9 million from N124.9 million. These trades were carried out in 162 deals across 20 stocks.
The most traded stock by value for the week was Okitipupa Plc with N46.7 million, followed by Central Securities Clearing System (CSCS) Plc with N36.3 million. Friesland Campina Wamco Nigeria Plc recorded N31.9 million, MRS Oil Plc posted N14.6 million, and 11 Plc achieved N12.6 million.
The most active stock by volume was Geo-Fluids Plc with 1.5 million units, and trailed by UBN Property Plc with 0.828 million units. CSCS Plc traded 0.609 million units, Friesland Campina Wamco Nigeria Plc quoted 0.325 million units, and Okitipupa Plc sold 0.26 million units.
Last week, 11 securities recorded movements, with eight on the green side and three on the red side.
MRS Oil Plc gained N33.75 to close at N197.75 per unit versus N164.00 per unit, Nipco Plc which rose by N31 to N344.00 per share versus N313.00 per share, Okitipupa Plc appreciated by N20 to N280.00 per unit from N260.00 per unit, Friesland Campina Wamco Nigeria Plc improved by N5.21 addition to N97.21 per share from N92.00 per share, NASD Plc chalked up N1.14 to sell at N38.50 per unit versus N37.36 per unit, Food Concepts Plc appreciated by 26 Kobo to N2.94 per share from N2.68 per share, Industrial and General Insurance (IGI) Plc increased by 6 Kobo to 63 Kobo per unit from 57 Kobo per unit, and Lighthouse Financial Plc expanded by 6 Kobo to 72 Kobo per share from 66 Kobo per share.
Conversely, 11 Plc lost N10.22 to quote at N212.08 per unit versus N222.30 per unit, CSCS Plc declined by N5.50 to N58.00 per share from N63.50 per share, and First Trust Mortgage Bank Plc shrank by 2 Kobo to N2.30 per unit from N2.32 per unit.
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